Xenia acquires Specialist Trade Credit Broker - Credit & Business Finance Ltd
Acquisitive insurance intermediary holding company Nexus Group (Nexus) today announces that its newly formed independent broking arm, Xenia Broking Group (Xenia), has acquired Credit & Business Finance Ltd (CBF), a specialist trade credit broker with 21 staff, Head Office based in Hertfordshire and 3 regional satellite offices.
This is the first acquisition for Xenia and the 14th acquisition that Nexus has completed in its history.
CBF is the second trade credit broker Nexus has purchased following the acquisition of Credit Risk Solutions (CRS) in October 2017, reinforcing Nexus’ strategy of combining M&A and organic growth to build the leading independent broker in the trade credit market.
The CBF management team of Trevor Price, Matthew Green and Mark Kennedy will continue to run the business post-transaction from their current offices. They will join the CRS directors on the board of Xenia.The two businesses will integrate in due course with the process being driven by the directors of Xenia.
With both CRS and CBF on board, Xenia unites the two biggest producers of ‘new to market’ business and will hold a share in excess of 11% of the estimated £350m Gross Written Premium for the UK trade credit broking market, making it the leading independent broker.
Tim Coles, CEO of Xenia, said:
“We are excited to welcome the CBF team to Xenia and very much look forward to working with them. We previously set out our stall to establish the leading independent trade credit broker. For a business of the quality of CBF to join us this goes a long way to realising this vision and strategy. We believe that Xenia provides the right environment for those organisations who share our core values of client focus, innovation and entrepreneurialism, to work together as we develop this leading independent broking capability for the benefit of our clients.”
Trevor Price, MD of CBF added:
“This is a milestone in CBF’s journey. We are all delighted to be joining such a forward thinking and dynamic company as Nexus and in particular to be joining with CRS in building the Xenia business.This was too good an opportunity to pass up, particularly at such an exciting time in our market’s evolution. We see many opportunities ahead of us with the strength and reach of our combined businesses, and look forward to meeting growing demand for expert, independent advice and insight into financial risks in a rapidly changing environment.”